participatory loans
LexInter | January 4, 2003 | 0 Comments

PARTICIPATORY LOANS

Paragraph 2: Participatory loans

Article L313-13

(Ordinance n ° 2001-350 of April 19, 2001 art. 6 XXVII Official Journal of April 22, 2001)
(Ordinance n ° 2005-429 of May 6, 2005 art. 46 Official Journal of May 7, 2005)
(Law n ° 2005-882 of August 2, 2005 art. 11 I Official Journal of August 3, 2005)

The State, subject to Articles L. 313-18 to L. 313-20, credit institutions, commercial companies, public establishments whose list is fixed by decree in the Council of State, companies and mutuals of insurance, the non-profit associations mentioned in 5 of article L. 511-6, mutual societies and unions governed by the mutuality code and institutions falling under Title II and Title III of Book IX of the Security Code social can grant aid from their available long-term resources to craft, industrial or commercial enterprises in the form of participatory loans governed by Articles L. 313-14 to L. 313-20. The provisions of this article do not preclude the application of the penal provisions of Title IV of Book II of the Commercial Code.
The attribution of an equity loan to a sole proprietorship does not in itself entail the constitution of a company between the parties to the contract.

Article L313-14

(Ordinance n ° 2005-429 of May 6, 2005 art. 46 Official Journal of May 7, 2005)
(Law n ° 2005-882 of August 2, 2005 art. 11 II Official Journal of August 3, 2005)

Participating loans are entered on a specific line in the balance sheet of the body that grants them and of the company that receives them and which, moreover, mentions them in the appendix provided for in article L. 123-12 of the code. of business.
They are, in view of the assessment of the financial situation of the companies which benefit from them, assimilated to equity.

Article L313-15

(Ordinance n ° 2005-429 of May 6, 2005 art. 46 Official Journal of May 7, 2005)
Law nº 2005-882 of August 2, 2005 art. 11 III Official Journal of August 3, 2005)

In the event of amicable liquidation, judicial liquidation or receivership by transfer of the debtor company, participating loans are only reimbursed after complete disinterest from all other privileged or unsecured creditors. Unless otherwise contractual stipulations requiring the overall agreement of all the holders of participating loans, they are, for the distributions to be made, placed in the same rank.

Article L313-16

(Ordinance n ° 2005-429 of May 6, 2005 art. 46 Official Journal of May 7, 2005)

In the event of judicial reorganization by continuation of the debtor company, the repayment of participating loans and the payment of the remuneration provided for are suspended for the duration of the execution of the continuation plan.

Article L313-17

(Ordinance n ° 2005-429 of May 6, 2005 art. 46 Official Journal of May 7, 2005)
(Law n ° 2005-882 of August 2, 2005 art. 11 IV Official Journal of August 3, 2005)

Without prejudice to Articles L. 313-1 to L. 313-6 of the Consumer Code, the fixed interest of the participating loan may be increased under the conditions determined by the contract, in particular by the operation of a clause of participation in the net profit of the borrower or in the profit realized by the borrower during the use of the goods the acquisition of which was totally or partially financed by this loan or in the capital gain realized during their disposal or in the form of retrocession of the realized margin.
When a clause of participation in the net profit of the company is provided for, it is exercised in the form of a priority deduction, for individuals, on the accounting profit and, for companies, on the distributable profit before any other assignment.
In cases where the approval of the special meetings mentioned in Articles L. 225-99 and L. 228-35-6 of the Commercial Code or of the general meetings of the masses constituted in application of Article L. 228-103 of the same code is necessary, this clause is approved by the extraordinary general meeting. In other cases, it is approved by the partners acting according to the conditions required for the

Article L313-18

(Ordinance n ° 2005-429 of May 6, 2005 art. 46 Official Journal of May 7, 2005)

The granting of participatory loans by the State is subject to precise and dated commitments on the part of the borrower in industrial or commercial matters as well as in financial matters.
If the content or the schedule of the commitments are not respected, the repayment of the loan becomes due, except in the case provided for in article L. 313-16.

Article L313-19

(Ordinance n ° 2005-429 of May 6, 2005 art. 46 Official Journal of May 7, 2005)
   The fixed interest of the participatory loan is increased, under the conditions which are determined by the contract, by the play of a participation clause, in particular to the net profit of the borrower.
This participation constitutes a charge for the financial year.
The overall effective rate of the remuneration paid by the borrower to the State may not be lower than the average rate of interest remunerating the current accounts of the partners of the borrowing company.

Article L313-20

(Ordinance n ° 2005-429 of May 6, 2005 art. 46 Official Journal of May 7, 2005)
   The amount of each participatory loan granted by the State is made public each year.

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